October 7, 2008
Peco Signs Agreement With Iberdrola to Purchase Wind Energy Credits
Power and natural gas utility Peco has signed a five-year agreement with Iberdrola Renewables to purchase 240,000MWh of wind energy credits.
Alternative energy credits are sold by renewable energy generators on a one-to-one basis each time 1MWh of renewable energy is produced, according to Peco. This purchase is expected to have the same environmental benefit as removing 156,000 tons of CO2 from the atmosphere.
The wind energy associated with the renewable credits will be generated from Iberdrola Renewables's Providence Heights wind farm in Bureau County, Illinois and is enough to power about 25,000 homes for one year.
Denis O'Brien, president and CEO of Peco, said: "By purchasing these renewable energy credits now, and banking them to meet future requirements, we can take advantage of current market prices. Acting now also helps increase the demand for renewable energy resources and promote clean energy technologies."